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I'm drowning in payday loan debt in Colorado-please help

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I'm up to my eyeballs in (in store) payday loan debt and have tried all the online consolidation websites and been told they cannot help me because of the law here in Colorado.

I have 9 loans right now for $500 plus $75 fee per that I cannot pay even the fees on which are due 8/15.

The stores are:

Payday Express
Paycheck Loans
Ace Cash Express
Emergency Cash
EZ Money
Check Into Cash
Advance America
Mr. Four Star

Please help-I don't know what to do.
Thank you for your time.


Carson, I can tell you that Check Into Cash, Advance America, Moneytree and I think ACE are members of CFSA. With this you can request an extended payment plan. The EPP breaks the ammt owed into 4 payments. Here is a link to their web site which will explain better... t.aspx a.html

You need to contact the companies to work out a payment plan. Here are the laws for your state so you can look at them...

Colorado State Information

Legal Status: Legal

Colo. Rev. Stat. ???? 5-3.1-101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 40 days
Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500
Finance Charge for 14-day $100 loan: $20
apr for 14-day $100 loan: 520%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: One (renewal)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $25 NSF fee; Court Costs; Reasonable Attorney's Fees not to exceed loan amount
Criminal Action: Prohibited (Unless the consumer's account was closed before the agreed upon negotiation date)

Where to Complain, Get Information:
Regulator: Colorado Office of the Attorney General
Address: Uniform Consumer Credit Code, 1525 Sherman St., 5th Fl. Denver CO 80203
Phone: (303) 866-4494
Fax: (303) 866-5691
Regulatory Contact: Laura Udis,, Administrator

Sub: #1 posted on Wed, 08/13/2008 - 16:51

RoxyNY RoxyNY
(Posts: 4178 | Credits: )

Be sure the storefronts are following the law....they most likely are...

Please hang in there...there are members more experienced with this and I am sure they will be along soon to help out as well. My posts should give you a good starting point.

Sub: #2 posted on Wed, 08/13/2008 - 16:52

RoxyNY RoxyNY
(Posts: 4178 | Credits: )

Thanks so much for the replies, Roxy-I need all the help I can get.

I know that most of the stores I owe offer a payment plan, but the problem is that since they will only split into 4 or 6 payments, the split payment is more than the regular every 2 week $75 loan fee that I already can't pay.

I know that the payday loan consolidation companies such as Langhorne, etc. can't help me because of the law in Colorado. I can't believe there's not ONE company that can help me by mediating a longer term payment plan that is acceptable to both myself and the stores. The alternative is that I have to file bankruptcy and they wait longer to get less.

I'm not looking to get completely out of this debt-I know I can't do that. I just want a chance to pay them back in smaller payments so I can still keep a roof over my and my daughter's heads at the same time.

I appreciate ANY help anyone can give me.

Thank you-Carson

Sub: #3 posted on Thu, 08/14/2008 - 09:27


Carson, We have the same problem in KY. The laws make it so the payments have to be split in two...atleast the last time I checked. Hang in there. I would hate for you to file bankrupcy..but there is a fourm for that as well on this site. You may want to read and see what others have to say in that fourm as well. HAve you tried talking to the stores to see if they will work with you.

Sub: #4 posted on Thu, 08/14/2008 - 10:39

RoxyNY RoxyNY
(Posts: 4178 | Credits: )

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